Old Point Financial Corporation has announced an update regarding its merger with TowneBank. Following the announcement of the Merger Agreement in April 2025, Old Point has been served with complaints from two purported shareholders, Michael Clark and Ken Conner, in the Supreme Court of the State of New York. These complaints allege deficiencies in the disclosure information provided in connection with the merger transaction. Despite believing the claims to be without merit, Old Point and TowneBank have decided to supplement the proxy statement/offering circular to avoid any potential delays or adverse effects on the merger. The merger, once completed, will see TowneBank emerge as the surviving corporation.
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